Calculator · Free
Home Service Financing Payment Calculator
Calculate monthly payments for financing a home repair, HVAC replacement, or renovation.
Monthly payment
$189
$11,319 total over 60 months — $2,819 in interest.
- Amount financed
- $8,500
- Total interest
- $2,819
- Total paid
- $11,319
- Interest as share of principal
- 33.2%
| Option | Up front | Total cost |
|---|---|---|
| Pay cash today | $8,500 | $8,500 |
| Finance at 11.90% APR | $189/mo | $11,319 |
| Cost of financing | — | $2,819 |
Compare at least two options
Contractor financing is convenient but often costs more than a credit union personal loan or HELOC. A $8,500 job at 11.9% over 60 months costs $2,819 more than paying cash — make sure the monthly payment fits your budget before signing.
What this assumes
- Uses standard amortizing loan math with fixed rate and equal monthly payments.
- Dealer or contractor financing may include promotional rates or deferred interest not modeled here.
- Does not account for tax deductibility of HELOC interest.
Important
Contractor-offered financing often carries higher rates than a credit union or HELOC. Compare the dealer rate to at least one outside option before signing.
Understanding the result
The monthly payment hides the total cost
A $12,000 HVAC replacement at 11.9% APR over 84 months costs $215 per month but $6,060 in interest — 50% more than the equipment. Always compare total cost, not just the monthly number.
Deferred interest promotions are not free money
Zero-percent promotional financing that is not paid in full by the deadline often retroactively charges interest on the full balance. Read the fine print on any contractor-offered plan.
Common questions
What is a typical APR for home repair financing?
Contractor financing runs 8 to 18% APR. Credit union personal loans run 7 to 12%. HELOCs run 7 to 10% but use your home as collateral. Shop at least two options.
Should I finance a home repair or pay cash?
Pay cash if you have an emergency fund and the repair is not urgent. Finance if the alternative is a more expensive emergency repair — a failing water heater, for example — and you can afford the monthly payment.
You may also need
The next decision usually follows directly from this one.
- ComparisonContractor Quote ComparisonCompare two to four contractor bids side by side — price, terms, and what the low bid is probably missing.
- EstimatorHome Repair Cost EstimatorEstimate what a common home repair should cost in your area before you call anyone.
- CalculatorTrue Cost of Home Ownership CalculatorSee the full annual cost of owning a home — not just the mortgage payment.
- EstimatorRenovation Cost EstimatorEstimate a kitchen, bath, basement or addition project by scope, finish level and region.
- CalculatorRenovation ROI CalculatorEstimate return on investment by project type — kitchen, bath, roof, siding, and more.